South Africa's GDP was estimated at just over 403 billion U.S. dollars in 2024, the highest in Africa. Egypt followed, with a GDP worth around 380 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with about 260 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.

As of 2023, the GDP of Africa was estimated at roughly 3.1 trillion U.S. dollars. This was the highest value since 2010 when the continent's GDP amounted to approximately 2.1 trillion U.S. dollars. The GDP value in Africa generally followed an upward trend in recent years and was estimated to exceed 4.2 trillion U.S. dollars by 2027.

Leading the charge: the three leading African economies

Among the African countries, in 2021, Nigeria had the highest GDP with approximately 442 billion U.S. dollars. South Africa and Egypt followed. These three countries have the largest economies for various reasons. The most notable factors are their population size, natural resources, and level of economic development. Furthermore, Africa was projected to have a real GDP growth rate of 3.9 percent in 2023. Libya was the economy experiencing the highest growth rate in that year.

The Sub-Saharan African economy on the rise

A global comparison showed that Sub-Saharan Africa had the smallest GDP among all world regions in 2021, amounting to 1.87 trillion U.S. dollars. A closer look revealed that Sub-Saharan Africa had a GDP per capita of 1,626.3 U.S. dollars in 2021, again the lowest worldwide. However, the region's economy was forecast to experience continued growth in the following years, with the real GDP increasing by 3.7 percent in 2023.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Seychelles had the largest Gross Domestic Product (GDP) per capita in Africa as of 2024. The value amounted to 21.87 thousand U.S. dollars. Mauritius followed with around 13 thousand U.S. dollars, whereas Gabon registered 9.31 thousand U.S. dollars. GDP per capita is calculated by dividing a country’s GDP by its population, meaning that some of the largest economies are not ranked within the leading ten. Impact of COVID-19 on North Africa’s GDP When looking at the GDP growth rate in Africa in 2024, Libya had the largest estimated growth in Northern Africa, a value of 7.8 percent compared to the previous year. Niger and Senegal were at the top of the list with rates of 10.4 percent and 8.3 percent, respectively. During the COVID-19 pandemic, the impact on the economy was severe. The growth of the North African real GDP was estimated at minus 1.1 percent in 2020. However, estimations for 2022 looked much brighter, as it was set that the region would see a GDP growth of six percent, compared to four percent in 2021.
Contribution of Tourism Various countries in Africa are dependent on tourism, contributing to the economy. In 2023, travel and tourism were estimated to contribute 182.6 billion U.S. dollars, a clear increase from 96.5 in 2020 following COVID-19. As of 2024, South Africa, Mauritius, and Egypt led tourism in the continent according to the Travel & Tourism Development Index.

This dataset provides values for GDP PER CAPITA PPP0 reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The real gross domestic product (GDP) of Niger is estimated to have grown by 11.9 percent in 2022, which is the highest estimated growth rate across all African countries. In comparison, Libya's economy is estimated to have contracted by 9.6 percent.

Egypt was the largest economy in North Africa in 2022. In that year, its GDP amounted to 435.6 billion U.S. dollars, the second-highest in Africa after Nigeria. Algeria and Morocco followed, with the GDP totaling around 194 billion and 133 billion U.S. dollars, respectively.

Access one of the most comprehensive African economic datasets currently on the market, helping investors to spot trends early and stay informed.

Kenya's Gross Domestic Product (GDP) was estimated to grow by 5.6 percent in 2021. The country has the largest economy in East Africa. Tanzania, which is the secondmain economy in the region, might expand by four percent in the same year. In its turn, the economic growth in Ethiopia was estimated at two percent.

The Gross Domestic Product (GDP) in South Africa expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

South Africa ZA: Gross Domestic Product (GDP): Current PPP data was reported at 726.300 USD bn in 2020. This records a decrease from the previous number of 763.258 USD bn for 2019. South Africa ZA: Gross Domestic Product (GDP): Current PPP data is updated yearly, averaging 355.513 USD bn from Dec 1981 (Median) to 2020, with 40 observations. The data reached an all-time high of 763.258 USD bn in 2019 and a record low of 155.747 USD bn in 1981. South Africa ZA: Gross Domestic Product (GDP): Current PPP data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Africa – Table ZA.OECD.MSTI: Gross Domestic Product, GDP PPP and GDP Deflator: Non OECD Member: Annual. For the 2001/02 R&D survey in South Africa, no comprehensive business register was available, nor was there any official register of the specific subset of those entities that actually conduct R&D. However, lists of firms surveyed in previous R&D surveys, those covered in previous technology audits, public listings of the top 200 companies in the economy, as well as lists of firms that participate in public innovation and R&D support programmes were available to the survey agency. These lists provided the basis for a purposive sample of all firms known to have R&D activities. There may however be an underestimation of R&D expenditure by 10% to 15%.

In 2025, Ethiopia's GDP was forecast to reach almost 121 billion U.S. dollars, the highest in East Africa. Kenya followed, with an expected GDP of around 117 billion U.S. dollars. Comoros, on the other hand, had some of the lowest GDPs, at just over 1.5 billion U.S. dollars.

The average for 2022 based on 46 countries was 1.63 percent. The highest value was in Togo: 5.44 percent and the lowest value was in Mauritius: 0.17 percent. The indicator is available from 1960 to 2022. Below is a chart for all countries where data are available.

Key information about South Africa Real GDP Growth

• The Gross Domestic Product (GDP) in South Africa expanded 1.3 % YoY in Dec 2022, following a growth of 4.0 % in the previous quarter.
• Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Dec 2022, with an average rate of 3.0 %.
• The data reached an all-time high of 19.4 % in Jun 2021 and a record low of -17.0 % in Jun 2020.

• In the latest reports, Nominal GDP of South Africa reached 98.8 USD bn in Sep 2022.
• Its GDP deflator (implicit price deflator) increased 4.7 % in Sep 2022.
• GDP Per Capita in South Africa reached 6,966.1 USD in Dec 2021.
• Its Gross Savings Rate was measured at 15.6 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 14.8 % in Dec 2022.
• Public Consumption accounted for 19.9 % in Dec 2022.
• Private Consumption accounted for 66.6 % in Dec 2022.

Among major economies in Sub-Saharan Africa, Kenya might present the strongest GDP growth rate in 2021, at 6.3 percent. According to forecasts, the country will recover from a weak 0.6 percent expansion in 2020, boosted by developments in the agriculture and manufacturing sectors. Similarly, Senegal and Tanzania might register a GDP growth of 5.2 percent each, returning to similar levels pre-coronavirus (COVID-19) pandemic. Additionally, South Africa, Nigeria, Angola, Zambia, and the Democratic Republic of the Congo, which recorded an economic shrink in 2020, might rebound in 2021, with positive growth rates.

The African market has strong consumer power and high complementarity with our country's trade structure. However, in the past few years, our country's exports to the African market accounted for less than 1% of the total exports, indicating that our products still have a low market share in Africa. The Ministry of Economic Affairs attaches great importance to the development potential of the African market. In addition to establishing the "Ministry of Economic Affairs African Market Promotion Office" with the Foreign Trade Association on March 14, 105, it also collects and consolidates relevant economic and trade statistics of major regional organizations in Africa to increase understanding of the African market, enhance willingness to expand sales, and assist companies in developing the African market. This dataset includes data fields such as the names of various regional organizations in Africa, gross domestic product, annual economic growth rate, trade volume, and total population.

Equatorial Guinea GQ: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: Middle East & North Africa data was reported at 2.140 % in 2016. This records an increase from the previous number of 2.038 % for 2015. Equatorial Guinea GQ: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: Middle East & North Africa data is updated yearly, averaging 1.808 % from Dec 1982 (Median) to 2016, with 30 observations. The data reached an all-time high of 4.548 % in 2008 and a record low of 0.021 % in 1987. Equatorial Guinea GQ: Imports: Low- and Middle-Income Economies: % of Total Goods Imports: Middle East & North Africa data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Equatorial Guinea – Table GQ.World Bank: Imports. Merchandise imports from low- and middle-income economies in Middle East and North Africa are the sum of merchandise imports by the reporting economy from low- and middle-income economies in the Middle East and North Africa region according to the World Bank classification of economies. Data are expressed as a percentage of total merchandise imports by the economy. Data are computed only if at least half of the economies in the partner country group had non-missing data.; ; World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.; Weighted average;

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Equatorial Guinea GQ: Exports: Low- and Middle-Income Economies: % of Total Goods Exports: Sub-Saharan Africa data was reported at 4.430 % in 2016. This records an increase from the previous number of 3.657 % for 2015. Equatorial Guinea GQ: Exports: Low- and Middle-Income Economies: % of Total Goods Exports: Sub-Saharan Africa data is updated yearly, averaging 2.508 % from Dec 1981 (Median) to 2016, with 36 observations. The data reached an all-time high of 26.577 % in 1995 and a record low of 0.009 % in 1989. Equatorial Guinea GQ: Exports: Low- and Middle-Income Economies: % of Total Goods Exports: Sub-Saharan Africa data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Equatorial Guinea – Table GQ.World Bank: Exports. Merchandise exports to low- and middle-income economies in Sub-Saharan Africa are the sum of merchandise exports from the reporting economy to low- and middle-income economies in the Sub-Saharan Africa region according to World Bank classification of economies. Data are as a percentage of total merchandise exports by the economy. Data are computed only if at least half of the economies in the partner country group had non-missing data.; ; World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.; Weighted average;